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Press Kits - Home Ownership - The 2010 TD Canada Trust Condo Poll

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Not under my roof: 13% of
Vancouver parents consider buying a condo for their adult
children

TD Canada
Trust’s4th Condo Poll shows
Vancouverites see condos as a source of long-term
income

Toronto (May 5, 2010)
– Want a condo? Ask mom and dad. According to the
4th TD Canada Trust Condo Poll which surveyed Canadians
who would consider purchasing a condo, 13% of Vancouverites would
consider buying a condo for their adult children.

“Vancouverites continue to see the value
in purchasing a condo, whether it is a place to call home for
themselves or for their children,” says Chris Wisniewski,
Associate Vice President, Real Estate and Secured Lending, TD
Canada Trust. “Affordability and stable monthly expenses
can make condos very attractive for both first-time buyers and
investors.”

Why buy a condo?

The most popular reason for Vancouverities to
consider purchasing a condo is affordability. This number is nearly
double the national average (45% compared to 24%). Less maintenance
(21%) and wanting to downsize from a house because they are retired
or approaching retirement (15%) are the second and third most
important factors.

Vancouverites choose condos

Respondents in Vancouver were the most likely in
the country to say that if they had more money, they would buy a
house rather than a condo (53%). Vancouverites are also the most
likely to consider raising a family in a condo (42% versus 36%
nationally).

Is a condo a good investment?

Forty-seven percent of Vancouverites surveyed would
consider investing in a condo that is not their primary residence.
This is the highest percentage in the country with the national
average being 37%. Of those Vancouverites, 61% cite potential
rental income as the main reason. However, the number who feel the
market conditions have stayed the same or improved for buying a
condo as an investment has dropped from 54% in 2009 to 24% in 2010.
Also, the number of respondents who would purchase a condo as an
asset to sell when prices go up dropped from 29% in 2009 to 21%
this year.

“In the B.C. market, condo properties
continue to be popular primary residences as they remain the most
affordable option for first-time buyers,” says Barry
Rathburn, Mobile Mortgage Specialist, B.C., TD Canada Trust.
“I’ve also seen many Snowbirds and frequent
travellers finding that a condo provides worry-free ownership while
they are away travelling.”

Vancouverites know what they want to
pay

The majority of Vancouverites (66%) say they would
spend no more than $400,000 for a two bedroom condo. However,
Vancouverites are also the most willing in the country to pay more
than $400,000 (31% versus 15% nationally). While Vancouver
residents may be willing to pay more for their condo, they would
not be willing to shell out big condo fees: only 8% would be pay
more than $400 per month.

About the 4th TD Canada Trust
Condo Poll

The 2010 TD Canada Trust Condo Poll was conducted
through interviews with adult Canadians who are likely to purchase
a condo as a primary residence. Two hundred interviews were
conducted in each of Greater Vancouver, Calgary, Greater Toronto
Area, Metropolitan Montreal and Halifax to understand condominium
choices among residents in Canada’s urban centres. The
survey was conducted by Angus Reid Public Opinion, a division of
Vision Critical, on April 14 - 20, 2010. The sample size of 1,012
men and women includes 202 Vancouverites.

About TD Bank Financial Group

The Toronto-Dominion Bank and its subsidiaries are
collectively known as TD Bank Financial Group. TD Bank Financial
Group is the sixth largest bank in North America by branches and
serves more than 18 million customers in four key businesses
operating in a number of locations in key financial centres around
the globe: Canadian Personal and Commercial Banking, including TD
Canada Trust and TD Insurance; Wealth Management, including TD
Waterhouse and an investment in TD Ameritrade; U.S. Personal and
Commercial Banking, including TD Bank, America's Most Convenient
Bank; and Wholesale Banking, including TD Securities. TD Bank
Financial Group also ranks among the world's leading online
financial services firms, with more than 6 million online
customers. TD Bank Financial Group had CDN$567 billion in assets on
January 31, 2010. The Toronto-Dominion Bank trades under the symbol
"TD" on the Toronto and New York Stock
Exchanges.